Intersect ENT (XENT) Trading Down 10.3% After Insider Selling

Intersect ENT (NASDAQ:XENT) fell 10.3% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $37.20 and last traded at $37.40. 2,310,856 shares were traded during trading, an increase of 754% from the average session volume of 270,528 shares. The stock had previously closed at $41.70.

Specifically, insider Lisa D. Earnhardt sold 15,000 shares of the stock in a transaction dated Monday, April 16th. The stock was sold at an average price of $39.59, for a total transaction of $593,850.00. Following the sale, the insider now owns 499,683 shares of the company’s stock, valued at approximately $19,782,449.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jeryl L. Hilleman sold 12,833 shares of the stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $35.80, for a total value of $459,421.40. Following the sale, the chief financial officer now directly owns 25,765 shares in the company, valued at approximately $922,387. The disclosure for this sale can be found here. Insiders have sold a total of 96,332 shares of company stock worth $3,630,874 in the last three months. 5.90% of the stock is currently owned by insiders.

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A number of brokerages recently issued reports on XENT. BidaskClub raised Intersect ENT from a “hold” rating to a “buy” rating in a report on Tuesday, April 17th. Canaccord Genuity restated a “buy” rating on shares of Intersect ENT in a research note on Monday. BTIG Research restated a “hold” rating on shares of Intersect ENT in a research note on Wednesday, May 2nd. Northland Securities restated a “hold” rating and issued a $32.00 target price on shares of Intersect ENT in a research note on Wednesday, May 2nd. Finally, JPMorgan Chase restated an “overweight” rating and issued a $48.00 target price on shares of Intersect ENT in a research note on Wednesday, May 2nd. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $38.50.

The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of -66.79 and a beta of 0.75.

Intersect ENT (NASDAQ:XENT) last announced its earnings results on Tuesday, May 1st. The medical equipment provider reported ($0.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.02. The business had revenue of $24.70 million for the quarter, compared to analyst estimates of $23.66 million. Intersect ENT had a negative return on equity of 13.67% and a negative net margin of 15.73%. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.23) EPS. research analysts forecast that Intersect ENT will post -0.64 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Schwab Charles Investment Management Inc. increased its position in shares of Intersect ENT by 21.8% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 115,439 shares of the medical equipment provider’s stock valued at $3,596,000 after purchasing an additional 20,700 shares during the last quarter. Candriam Luxembourg S.C.A. bought a new position in shares of Intersect ENT during the 4th quarter valued at about $1,069,000. AXA bought a new position in shares of Intersect ENT during the 4th quarter valued at about $252,000. Stone Ridge Asset Management LLC bought a new position in shares of Intersect ENT during the 4th quarter valued at about $300,000. Finally, Capital Fund Management S.A. bought a new position in shares of Intersect ENT during the 4th quarter valued at about $483,000. Institutional investors and hedge funds own 83.67% of the company’s stock.

Intersect ENT Company Profile

Intersect ENT, Inc, a drug delivery company, researches and develops products for the treatment of patients with ear, nose and throat conditions in the United States. It offers PROPEL and PROPEL mini drug releasing implants for patients undergoing sinus surgery to treat chronic sinusitis; and PROPEL Contour, a steroid releasing implant to frontal and maxillary sinus ostia, or openings, of the dependent sinuses.

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